PUBLIC CONFESSION

01.13.12

Murdoch Tweets About MySpace Flop

Noah Berger / AP Photo

While there’s still speculation as to whether News Corp. chair Rupert Murdoch has been honest about the News of the World phone-hacking scandal, the media mogul has come clean about another failure: his company made the wrong move when it bought MySpace. “Many questions and jokes about MySpace,” he tweeted from his iPad at the Consumer Electronics Show. “Simple answer—we screwed up in every way possible, learned lots of valuable expensive lessons.” News Corp. acquired the social-media company in 2005 for $580 million when it was still growing. It sold it last summer for $35 million. Murdoch tweeted from the show on Thursday about the “Big Three” companies he thinks are unstoppable. “Apple, Google and Amazon, and maybe Facebook dominant now and growing. Plenty of others good, but not in same league."